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Hedge Fund-Backed Dinner Gala Quietly Shelves

One of London’s most prestigious hedge fund-backed charity galas has been quietly cancelled.

The trustees of Ark confirmed to Financial Times that there were “no plans” to hold its annual charity dinner this year, however no decision to end the event permanently has been taken.

Ark also added that the charity has been focusing on other ways of raising money. Since 2002, the annual dinner has raised $160 million for children’s health and education around the world.

Ark, founded by Swiss financier and hedge fund manager Arpad Busson, is notorious for its outrageous display of wealth. It has attracted some of the wealthiest and well-known individuals around the world, including former U.S. President Bill Clinton, musical artists Madonna and Prince as well as the Duke and Duchess of Cambridge.